Smadis

BTC Rising Wedge (not and ascending triangle!)

Short
BITSTAMP:BTCUSD   Bitcoin
Everyone is calling the current formation an ascending triangle but it is much more likely to be a rising wedge on the 4 hourly time frame. One can consider wicks to further support a trend line but candle body closes should always have more significance than wicks. Don't fall for the narrative that we are immediately going to break out of this consolidation range. You can also observe triple bearish divergence on the 4 hourly MACD.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.